Sibir Energy Share Discussion Threads

[relko] 19/2/2009 14:59

Get the AGM rearranged prompto.

I may even bring my CV for the FD's post and personally present it to Mr C

BTW: FD is very appropriate = "Financial Disgrace"

[davros006] 19/2/2009 14:58

You assume that SBE have stuck to ANY of the regulations FSU.
Quite clearly rules dont apply if you're SBE, and it seems our regulators don't give a hoot either.

[leeson31] 19/2/2009 14:57

stinks to hell doesnt it FSU...

[fsu gold investor] 19/2/2009 14:47

Didn't they need shareholder approval to "lend" Mr. T. the cash?

Also, didn't they know how much they were "lending" Mr. T?

[quattro44] 19/2/2009 14:43

They lent it to him using his property as collateral until he paid them back with either his own funds or funds from realisation of the property sales.

[miamisteve] 19/2/2009 14:43

FSU - The only way I can think is if behind the scenes, having assumed that the property deals were going through, they advance him the cash.

They need to be rid of him completely. Many companies would be interested in his holding and cannot believe that Shareholders would not be better off with Shell or Gazprom as a partner rather than him.

[fsu gold investor] 19/2/2009 14:32

Thanks for the clarification Tpain.

So, how did Mr. T. get his hands on Sibir's cash?

[tpain] 19/2/2009 14:30

Sibir was the one granted power of attorney.

[leeson31] 19/2/2009 14:29

LOL. or paul gadd in charge of a kresh :p

[fsu gold investor] 19/2/2009 14:23

Giving him power of attorney is like giving a convicted child rapist keys to an orphanage.

[leeson31] 19/2/2009 14:22

MOSCOW -(Dow Jones)- Sibir Energy PLC (SBE.LN), a Russia-focused oil producer, Thursday requested that trading in its shares be temporarily suspended as it probes erroneous disclosures to shareholders over how much it has lent core owner Chalva Tchigirinski.

Trading in Sibir's shares on London's AIM exchange was halted at 0755 GMT, shortly before the firm revealed that Tchigirinski - who together with partner Igor Kesaev owns a 47% stake - owed Sibir almost three times more than previously stated.

"Tchigirinski (is) currently indebted to Sibir in an amount of approximately $325 million and not approximately $115 million as set out in the latest circular," Sibir said in a statement.

Like many of Russia's super rich, Tchigirinski has been threatened with numerous margin calls amid the country's worst economic crisis in a decade. He had planned to raise cash by selling several commercial properties to Sibir, a move that prompted minority shareholders to ditch the stock.

Earlier this month, the company said it had called off the potential acquisition of hotels and offices from Tchigirinski. But by that stage Sibir had already advanced him $115.4 million and was granted power of attorney over some real estate assets as security.

Sibir Energy said it would launch a probe into the incorrect disclosures, published Dec. 2 and Feb. 11, and will also assess the effects of the higher indebtedness.

A company executive declined to give further comments, when contacted by Dow Jones Newswires, and couldn't say when the stock would resume trading.

While a general meeting scheduled for Feb. 27 has been postponed until further notice, details on the situation will be published shortly, Sibir said.

Since October last year, Sibir has on two occasions said it would spend a total of $370 million to buy distressed real estate assets from Tchigirinski in order to save him from "imminent margin calls" on bank loans secured against his shares in Sibir.

When the first deal was announced in October, Sibir's shares dove almost 50%. Analysts called the deal a bailout, highlighting substantial corporate governance issues.

Aside from Tchigirinski and Kesaev, the Moscow City Government holds an 18% stake.

Sibir produces more than 75,000 barrels of crude oil a day, largely through the Salym field, where it holds a 50% stake. The company also holds a 50% stake in the Moscow Refinery

[leeson31] 19/2/2009 14:20

he had power of attourney..... HC needs to explain himself too..

[fsu gold investor] 19/2/2009 14:19

Why does Mr. T. owe anything?

Does he have the right to take Sibir's money out of the bank?

He is a shareholder, but I am a shareholder in 40 companies and that doesn't give me the ability to take their money?

How did he take the cash from Sibir?

[davros006] 19/2/2009 13:58

Apologies to holders for this.. but surely the LSE owe's PI's the service of kicking this company into touch....
If for no other reason than to stop this fraud happening again.

It stinks, as do you COCO.. you should be ashamed of yourself fella, but you're in good company with Chig... 2 peas in a pod.

[wormcatcher] 19/2/2009 13:43

Inferno - Must have been about 5 years ago or so

[leeson31] 19/2/2009 13:43

>>> COCO

:p

[coco] 19/2/2009 13:40

Exactly squinty thats why I would buy them back

[squintyflinty] 19/2/2009 13:39

Surely it would take SBE only just over a year's profits to recoup that $200million.

[1nf3rn0] 19/2/2009 13:38

when was the last suspension and what was the reason for it?

[gatdecor] 19/2/2009 13:36

Leeson31 - 19 Feb'09 - 13:35 - 2979 of 2981

bit of a two faced pratt really arent you COCO the clown.

you need shootin' purely on grounds of morality. lol.

Agreed.

[leeson31] 19/2/2009 13:36

having said that, sbe is one of my best performers today LOL

[leeson31] 19/2/2009 13:35

bit of a two faced pratt really arent you COCO the clown.

you need shootin' purely on grounds of morality. lol.

[coco] 19/2/2009 13:33

Miami as i said I would buy the company back if they were cheaper seriously undervalued for the assets and look at the trades.my last 8k were sold at 166.26 and 166.58 i think it was

To reiterate the company is undervalued but there are bigger players than us out their.